Due to Russia's recession and the weak rouble, the value of goods and services exported to Russia by these three countries will shrink by between 18% and 25%. Russia accounts for 21% of Lithuania's exports, 12% of Latvia's and 9.8% of Estonia's, according to official data.

Russia, one of the largest oil producing nations, has been hit by the fall in oil prices, declining by about 50% since June 2014. In addition, the country faces Western sanctions in connection with the political row over Ukraine.

The Baltic economies have cut their 2015 growth forecasts by between 1.3 and 1.7 percentage points compared to 2014, according to Bloomberg. Since the Russia-Ukraine crisis in early 2014, the economies lost about $1.58bn in potential economic expansion.

Nevertheless, the Baltic states have some of the lowest debt burdens in the euro area and are expected to grow faster than most of their colleagues in the single-currency region in 2015.

The higher growth rate is due to increased spending by consumers in the Baltics, according to Danske Bank.